Kalyan Jewellers shares hit a 52-week high of ₹634.20 on Wednesday, surpassing its previous record of ₹615.65 touched on August 8, 2025, after a gap of over 11 months. The stock gained 4% during intraday trading amid heavy volume, with the average trading volume nearly doubling as 43.54 million equity shares changed hands on NSE and BSE. At 02:01 PM, the stock was trading 3% higher at ₹628.45, outperforming the 1.2% rise in the BSE Sensex. This represents a remarkable 79% surge in just 16 trading days from the level of ₹354.90 on July 7, 2026, and a 94% bounce back from its 52-week low of ₹327.15 touched on June 11, 2026.
Kalyan Jewellers reported approximately 38% year-on-year growth in consolidated revenue during the June quarter of FY27, with its India business delivering similar performance. The company's India operations recorded revenue growth of over 38%, supported by healthy same-store sales growth (SSSG) of around 28%, despite the quarter being impacted by the 28-day Adhik Maas period. Globally, the company posted 35% revenue growth in Q1, with the Middle East contributing 30% to the growth. International markets contributed around 14% to the company's consolidated revenue in the quarter. The company's digital-first jewellery brand Candere also reported strong growth with 112% year-on-year revenue growth and turned profit after tax positive from the second half of FY25-26.
The company launched its 'Shine with India' gold recirculation campaign during the second half of May with the objective of increasing the share of recycled gold and reducing dependence on imported gold. The initiative has been well received by customers, helping increase the share of recycled gold as a percentage of revenue to over 46% during Q1 FY27. For the month of June, the share of recycled gold as a percentage of revenue was in excess of 55%. Over the last 3 years, Kalyan Jewellers have reduced the non-GML (gold metal loan) in India from ₹1,300 crore to ₹300 crore. During the quarter, the company launched 12 Kalyan showrooms and 5 Candere showrooms in India.
Looking ahead, Candere will focus more on driving Same Store Sales Growth (SSSG) along with expanding its showroom footprint during the current financial year 2026-2027. The company plans to open 150 showrooms across Kalyan, Candere and the new regional brand during the ongoing financial year. Analysts at Axis Securities noted that the stock experienced an 11,505-contract unwinding with an 83.0% rollover rate during the July series, with speculative bottom-fishing and strong institutional demand helping the equity navigate complex structural handovers. ICICI Securities maintains a 'BUY' rating with a DCF-based target price of ₹670, citing the robust Q1FY27 performance despite headwinds and the resilient underlying jewellery demand.
Kalyan Jewellers shares declined in trade on Monday, July 27, after a large block deal involving the company's shares was executed. According to people familiar with the matter, a prominent domestic mutual fund sold approximately 5 crore shares at a discount of around 8%-10% to the prevailing market price. The block deal, which was managed by two investment bankers, had been anticipated because of its size and the discount at which the shares were offered. Despite the block deal execution, the stock has delivered impressive performance with a surge of over 50% in one month and 185% year-to-date basis, as per NSE data. The stock has delivered massive multibagger returns worth 300-600% in the last three-to-five years.
